Bankruptcy is governed by federal bankruptcy laws, including the Federal Bankruptcy Act of 2005, which forces individuals seeking bankruptcy to undergo credit counseling and stipulates how bankruptcy eligibility is calculated (this process is commonly known as the "Means Test"). Nevada law governs what "exemptions," or property is protected during bankruptcy. Here are some of the exemptions unique to bankruptcy in Nevada:

Homestead

NRS 115.010 & 115.020 - Real property or mobile home up to $550,000. Must record a homestead declaration before filing for bankruptcy (NRS 115.020).

Personal Property

NRS 21.090 - Motor vehicle up to $15,000 (no limit if equipped for the disabled); household goods, furniture, appliances, home and yard equipment up to $12,000 total; books, jewelry, musical instruments, and works of art up to $5,000 total; pictures and keepsakes; health aids; 1 gun; personal injury compensation up to $16,500; wrongful death awards for survivors; restitution recieved for criminal act; earned income tax credit refunds; stock in certain closely-held corporations; $1,000 of any personal property.

NRS 21.100 - Metal-bearing ores, geological specimens, paleontological remains or art curiosities (must be arranged, classified, catalogued, and numbered in reference books).

NRS 645B.180 - Mortgage impound accounts.

NRS 689.700 - Funeral service contract money and burial plot purchase money held in trust

Wages

NRS 21.090 - The greater of the following: 30 times the federal minimum hourly wage per week or minimum of 75% of disposable weekly earnings. Judge may approve more for low income debtor.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up the $1,095,000 per person.

NRS 21.090 - Up to $500,000 in an IRA, deferred compensation, Roth IRA, or ERISA-qualified benefits.

NRS 286.670 - Public employees.

Public Benefits

NRS 21.090 - Crime victims' compensation.

NRS 422.291 - Aid to blind, aged and disabled; public assistance.

NRS 432.036 - Public assistance for children.

NRS 612.710 - Unemployment compensation.

NRS 615.270 - Vocational rehabilitation benefits.

NRS 616C.205 - Industrial insurance (worker's compensation).

Tools of Trade

NRS 21.090 - Tools, materials, library, equipment, inventory and supplies up to $10,000; farm trucks, equipment, tools, stock and seed up to $4,500; cabin or dwelling of a miner or prospector, cars, implements and appliances for mining and a mining claim you work up to $4,500; arms, uniforms, and accoutrements you are required to keep.

Insurance

NRS 21.090 - Life insurance policy or proceeds if premiums don't exceed $1,000 per year.

NRS 687B.260 - Life insurance proceeds if you are not insured.

NRS 687B.270 - Health insurance proceeds or avails.

NRS 687B.280 - Group life or health policy or proceeds.

NRS 687B.290 - Annuity contract proceeds up to $350 per month.

NRS 695A.220 - Fraternal benefit society benefits.

Miscellaneous

NRS 21.090 - Security deposits on a rental residence. Landlord may enforce the terms of the lease or rental agreement, however.

NRS 21.090 - Alimony and child support.

NRS 87.250 - Business partnership property

Considering Bankruptcy?

While this list touches on some of the specifics of bankruptcy law in Nevada, the only person who is really qualified to explain bankruptcy laws as they relate to your specific financial situation is a bankruptcy lawyer. Sanchez Law Group, Ltd. has helped countless clients through the bankruptcy process and given them hope as they overcome their financial struggles. Contact us today to find out more about our bankruptcy services: your call is confidential and free of charge.